I'm still here. Just a few minutes ago, the news broke about the failure of BBVA's offensive against Banco Sabadell—this story is over—and Carlos Torres, the president of the attacking bank, was already on the scene. He was in a hurry. The scale of the defeat, after his hyperbolic campaign, might have made him think that if he took too long to leave, perhaps someone else would offer condolences to those who had trusted him.
Josep Oliu He reacted ironically: "The truth is, I don't know who of the two is more surprised." In other words: "We didn't expect this; the result has been very clear." It proves that arrogance can also fail in business when it comes to addressing a broad sector of society. Arrogance is not pleasing, especially when you're thinking about your savings. By refusing to sell, the small shareholders made this clear. For some time now, here and abroad, we've seen a significant rejection by the media and small industrial entrepreneurs of the signs emanating from global capitalism.
But in this case, another factor is added: the difficulty that certain Spanish powers—including economic ones—have in understanding the sensitivity of broad sectors of the Catalan middle classes. Surely BBVA never considered that its offensive could be understood, by a significant portion of its shareholders, as yet another attempt to weaken Catalan civil society, which Sabadell and La Caixa, obviously, view as their own institutions. The feeling that they were coming from Madrid to take over a Catalan bank has been a significant factor in the massive rejection of the merger by private shareholders. Once again, it has been demonstrated how difficult it is for the Spanish powers, including the economic powers, to understand that in Catalonia there are deep-rooted impulses that lead many citizens to do their own thing; in this case, to defend their home institution. And surely the arrogance of the omnipresent Carlos Torres has played an important role in the outcome.
They're coming to take over a bank. It may seem ridiculous. But those who don't want to understand it later find themselves facing failures like this. Humans are not reducible to a simple game of interests in hard cash. And when you fail to grasp details like these, there are surprises. When it comes to demonstrating an ability to connect with shareholders, Josep Oliu has swept Carlos Torres aside. In short, it closes a significant episode, which I think Catalonia should capitalize on as a success. Banco Sabadell must rise to the occasion. And you'll have to keep in mind that the trust you've been given is demanding.
